Staircasing

Family Mosaic leaseholders of shared ownership properties can buy further shares in your property. This process is known as staircasing, enabling you to own a greater proportion of your home.

The greater the share you buy in your home the less rent you pay to Family Mosaic. If you staircase to 100% you become an outright owner, and pay no rent except the ground rent to us!

Staircasing is limited to those who purchased their home through shared ownership.

Under the terms of your lease you must:

• advise Family Mosaic in writing that you wish to buy further shares in your home.
• have a valuation undertaken by an independent RICS qualified valuer (Not an Estate Agent) to determine the current market value of your home. This report will include comparables of recently sold properties within your area. This valuation determines the price for calculating the premium you would pay to buy the additional share you wish to.
• meet the valuation costs of obtaining the current market value of your home.
• Not have any arrears on your rent and / or service charge accounts

You will incur legal expenses to undertake this transaction and therefore care must be taken when deciding the additional share you wish to buy. You may buy the property outright in up to 4 separate transactions – the first being the initial purchase. It is advisable to refer to your lease for clarification firstly as leases vary slightly according to when the property was built and first occupied.

For more information download our brochure or contact our Resident Sales Team at resident.sales@familymosaic.co.uk or call 020 7089 1206